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☆ Latin America Must Invest up to 4.9% of GDP Annually to Meet Climate Goals -UN
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Latin America and the Caribbean need to rapidly boost spending to up to 4.9% of gross domestic product (GDP) annually by 2030 to meet their climate targets, a United Nations agency said in a report on Monday. The Economic Commission for Latin America and the Caribbean (ECLAC) report presented at Dubai's COP28 summit said the region must spend between 3.7% to 4.9% of GDP annually, up from just 0.5% in 2020, amounting to total investments of $2.1 trillion to $2.8 trillion by 2030. This implies the "availability of substantial but not unattainable amounts - and the time to act is now," ECLAC Executive Secretary Jose Manuel Salazar-Xirinachs said. Climate mitigation - mostly projects around transportation as well as energy, infrastructure and deforestation - would take up the lion's share of spending, ECLAC said, while a remaining third would need to go toward adaptation methods. Climate change - excluding the impacts of extreme phenomena - could strip 10% off labor productivity in some countries, it added, cutting potential for economic growth.

Persons: Jose Manuel Salazar, Xirinachs, ECLAC, Salazar, Marion Giraldo, Sarah Morland, Sandra Maler Organizations: MEXICO CITY, United, Economic Commission, Latin Locations: MEXICO, America, Caribbean, United Nations, Latin America, Uruguay, Brazil, Argentina, South America's Parana, La Plata, Chile

☆ Exclusive: OPEC hears bearish message on oil from top swap dealer's presentation
▼ + stars: | 2023-11-22 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters. OPEC - the Organization of the Petroleum Exporting Countries - did not immediately reply to a request for comment. London-based Onyx Capital Group is the world's biggest market maker by volume across oil swaps, trading more than 25 billion barrels equivalent a year. The second sell-off, which happened in November, moved the oil market to a collective neutral-to-bearish sentiment, with commercial participants like oil producers and airlines joining financial speculators in seeing a weak outlook. Ministers from OPEC and allies led by Russia, a group known as OPEC+, are due to meet on Sunday to decide on output policy.

Persons: Dado, Greg Newman, Brent, Prince Abdelaziz bin Salman, OPEC's, Onyx, Goldman Sachs, Dmitry Zhdannikov, Jan Harvey Organizations: REUTERS, Reuters ., Onyx Capital, OPEC, Organization of, Petroleum, Onyx, Twitter, Reuters, Saudi Energy, Economic Commission Board, ECB, JPMorgan, BNP, Thomson Locations: OPEC, London, Russia, Saudi Arabia, UAE, Iraq, Kuwait

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

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That is especially concerning for parents of younger kids and those whose disabilities can make finding child care an extra challenge. One failed legislative proposal would have let students in four-day districts transfer or attend private schools, with their home districts picking up the tab. “If everybody becomes a four-day school week,” she said, “that is no longer a recruitment strategy.”In some communities, a four-day week is better for families. “They’re making the shift to the four-day week because all the districts around them have adopted a four-day week,” he said. However, the Rand Corporation found achievement differences in four-day districts, while initially hard to spot, became apparent over multiple years.

Persons: — It's, Callahan, contorts, Keegan, ”, Hudson, Brandi Pruente, “, Paul Thompson, Harry Truman, Dale Herl, Jon Turner, Margie Vandeven, Tony Warren, Warren, Thompson, Karyn Lewis, Will Pierce, hasn't, Frank James Perrone Organizations: French, Oregon State University, Economic Commission, Missouri State University, Rand Corporation, Indiana University, Associated Press, Carnegie Corporation of New, AP Locations: Mo, U.S, Independence , Missouri, Kansas City, Missouri, Independence, Turner, Montana, Denver, 27J, ”, Carnegie Corporation of New York

☆ EU's Gentiloni confident over budget rule deal by year-end deadline
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

EU Economic Commissioner Paolo Gentiloni holds a news conference on the European Commission's economic forecasts for the EU for 2023 and 2024 on GDP and inflation, in Brussels, Belgium February 13, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - European Union Commissioner for Economy Paolo Gentiloni said on Saturday he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024. "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," Gentiloni told reporters on the sidelines of the European House Ambrosetti economic forum in Cernobbio. Italy is preparing a difficult 2024 budget in which it will seek to meet Prime Minister Giorgia Meloni's tax-cutting promises while at the same time reducing the deficit while faced with an economic slowdown. Gentiloni said failing to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.

Persons: Paolo Gentiloni, Johanna Geron, Gentiloni, Giancarlo Giorgetti, Giorgia, Christine Lagarde, Elvira Pollina, Giselda, Tomasz Janowski, Helen Popper Our Organizations: EU, REUTERS, Union, House, Italian Economy, European Commission, European Central Bank, ECB, Thomson Locations: Brussels, Belgium, Italy, Ukraine

☆ EU economics chief says only a minor risk of growing support for Eurosceptic parties at elections
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU economics chief says only a minor risk of growing support for Eurosceptic parties at electionsEuropean Economic Commissioner Paolo Gentiloni says there is a risk of a surge in support for Eurosceptic parties at upcoming elections, but he believes it is only a “minor one."

Persons: Paolo Gentiloni Organizations: EU, European

☆ U.S. Inflation Reduction Act is ‘a real challenge’ for Europe, EU economics chief says
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Inflation Reduction Act is ‘a real challenge’ for Europe, EU economics chief saysEuropean Economic Commissioner Paolo Gentiloni discusses U.S. President Joe Biden’s landmark Inflation Reduction Act and its ramifications on Europe.

Persons: Paolo Gentiloni, Joe Biden’s Organizations: U.S, European Locations: Europe

☆ EU economics chief says Europe can avoid a recession
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU economics chief says Europe can avoid a recessionEuropean Economic Commissioner Paolo Gentiloni believes Europe can avoid a recession even as the region faces the impact of a “double crisis.”

Persons: Paolo Gentiloni, ” Organizations: EU Locations: Europe

☆ Cuba still struggling to earn foreign currency
▼ + stars: | 2023-07-18 | by ( Marc Frank | ) www.reuters.com time to read: +1 min

[1/2] People wait in line to buy foreign currency in Havana, Cuba, September 7, 2022. Morales did not say plans to import more than $9 billion and export $3.6 billion this year had changed. By comparison, in 2019 the Communist-run country reported exports of $12.6 billion and imports of $11 billion. Cuba forecast 3% growth this year, while the U.S. Economic Commission for Latin America and the Caribbean placed it at half that amount. The government last reported its foreign debt as being $19.6 billion in 2019.

Persons: Alexandre Meneghini HAVANA, Leticia Morales, Morales, Marc Frank Our Organizations: REUTERS, Prensa Latina, Agency, U.S . Economic, Latin, Thomson Locations: Havana, Cuba, Tourism, U.S, Latin America, Caribbean

July 15 (Reuters) - Rare twin strikes by Hollywood actors and film and television writers are casting a pall over British Columbia's creative industry, which has become a hub for American film and TV production. Film production in British Columbia is down to "a trickle," said Gemma Martini, Chair of the Motion Picture Production Industry Association and CEO of Martini Film Studios. TAKING A TOLLReverberations that started on May 2 with the writers' strike grew in British Columbia, where most productions have American components. First the business was hit by the writers' strike: "Because no scripts are being written, people aren't coming to scout our locations." The Hollywood strike could affect the Toronto International Film Festival (TIFF), set to open in early September.

Persons: Gemma Martini, Synnove Godeseth, Godeseth, Martini, Oscar, Anna Mehler Paperny, Divya, Denny Thomas, Grant McCool Organizations: Hollywood, Industry Association, Martini Film Studios, Creative, Vancouver Economic, Toronto, Film, Thomson Locations: Canadian, Vancouver, North America, British Columbia, Los Angeles, British

☆ France will start subsidizing their citizens' shoe repairs
▼ + stars: | 2023-07-12 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Clothing repairs are favored by sustainability advocates, but they can be expensive. Beginning in October, the country's government will give a 7 euros, or about $7.79, discount for heel repairs and between €10 and €25 for clothing repairs, Le Monde first reported. Sustainability advocates favor clothing repairs as one way to slow the climate crisis and create a circular economy, in which we reuse existing resources and reduce waste. The organization found that the repairs can be expensive — stains cost an average of $17.34 to remove and other repairs cost up to $34. In April, the government doubled-down on discounts for citizens who repaired their home appliances instead of throwing them away.

Persons: Le Monde Organizations: Service, Le, United Nations Economic Commission, Sustainability, Stewardship Council, Mission, Yale Locations: France, Europe, California

☆ Taliban's central-bank governor meets Chinese envoy to discuss banking ties
▼ + stars: | 2023-06-16 | by ( Charlotte Greenfield | ) www.reuters.com time to read: +3 min

REUTERS/Ali Khara/File photoJune 16 (Reuters) - The Taliban's acting governor of the Afghan central bank met China's ambassador this week to discuss banking relations and business, the bank's spokesperson told Reuters on Friday. Afghanistan's banking system has been severely hampered by U.S.-led sanctions, a drop in liquidity from frozen central bank assets and a cut in development spending. Regulatory risk concerns of international banks have also largely cut off the country's formal banking sector from the global financial system. "China has always supported the peaceful reconstruction of Afghanistan, provides sincere help to Afghanistan, and welcomes Afghanistan to join the Belt and Road Initiative," it said. Badri is a senior Taliban figure who became acting head of the central bank in March after stepping down as acting finance minister.

Persons: Mullah Abdul Ghani Baradar, Wang Yu, Ali Khara, Hassibullah Noori, Mullah Hidayatullah Badri, Badri, Charlotte Greenfield, Laurie Chen, Raju Gopalakrishnan, Frances Kerry Organizations: Afghan, REUTERS, U.S, Reuters, Initiative, Thomson Locations: China, Islamic Emirate, Afghanistan, Kabul, Afghan, Beijing, Taliban, Islamabad

☆ Europe risks migrant surge without aid to Tunisia, Italy PM warns
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 24 (Reuters) - Europe risks seeing a huge wave of migrants arriving on its shores from North Africa if financial stability in Tunisia is not safeguarded, Italian Prime Minister Giorgia Meloni said on Friday. Tunisia has been gripped by political upheavals since July 2021, when President Kais Saied seized most powers, shutting down parliament and moving to rule by decree. "Maybe not everyone is aware of the need to preserve the financial stability in a country which has severe financial problems," Meloni told reporters following a summit of European Union leaders in Brussels. Earlier on Friday Italian Foreign Minister Antonio Tajani told RAI public radio Europe could see "tens, maybe hundreds of thousands" of boat migrant arrivals if economic aid is not granted soon to Tunisia. According to United Nations data, at least 12,000 of those who have reached Italy this year set sail from Tunisia, against 1,300 in the same period of 2022.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ Fact Check-Agenda 2030 does not allow governments to seize polluted lands, move residents to smart cities
▼ + stars: | 2023-02-24 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

The “2030 Agenda does not include any laws or legal instruments including on polluted lands or smart cities. Nonetheless, a Twitter user posted, “FOOD FOR THOUGHT- the laws governing Agenda 2030 land development allow governments to seize polluted land and move their residents into smart cities. Reuters, however, found no mention of smart cities or of governments having the authority to seize polluted lands in the Agenda 2030 document (here). Reuters has previously fact-checked claims that Agenda 2030 is evidence the COVID-19 pandemic was planned (here). Agenda 2030 contains no laws, and nothing in the document permits governments to seize polluted lands and move residents into smart cities.

☆ Investors are piling the most cash into European stocks in nearly as year as recession outlook fades
▼ + stars: | 2023-01-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

European stock funds drew in $3.4 billion last week, the largest inflow since early 2022. Investors want exposure to the euro area as it looks increasingly likely it will avoid a recession. Investors poured in $3.4 billion into European equity funds over the past week, Bank of America said in its Flow Show note published Friday. But demand has been weaker than anticipated, leading to a roughly 70% crash from highs for natural gas prices. EU Economic Commissioner Paolo Gentiloni said this week there's "a chance to avoid a deep recession," for the bloc.

☆ Taliban seeks economic self-sufficiency and foreign investment for Afghanistan, minister says
▼ + stars: | 2023-01-02 | by ( Mohammad Yunus Yawar | ) www.reuters.com time to read: +3 min

KABUL, Jan 2 (Reuters) - The Taliban administration will encourage self-sufficiency and wants international trade and investment, the acting commerce minister said, as Afghanistan faces isolation and suspension of some humanitarian operations over restrictions on women. Another part of their strategy was to boost trade and foreign investment, he said. He said that countries including Iran, Russia and China were interested in trade and investment. Already facing a lack of formal recognition and sanctions hampering the country's banking sector, investors are faced with growing security concerns after attacks on foreign targets in Kabul, claimed by the Islamic State. He added that foreign investors were showing interest in Afghanistan's mining sector, which has been valued at more than $1 trillion.

☆ West African leaders plan peacekeeping force to counter 'coup belt' reputation
▼ + stars: | 2022-12-04 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

REUTERS/Afolabi SotundeABUJA, Dec 4 (Reuters) - West African leaders said on Sunday they would establish a regional peacekeeping force to intervene in member states to help restore security and constitutional order in a region that has witnessed several coups in the past two years. West and Central Africa has made strides in the past decade to shed its reputation as a "coup belt", but the Economic Commission for West African States (ECOWAS) wants to do more to boost constitutional government in its member states. The ECOWAS leaders also expressed concern over the continued detention of 46 Ivorian soldiers in Mali. They asked Malian authorities to release the soldiers by the end of this month. Reporting by Felix Onuah; Writing by MacDonald Dzirutwe; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

"There's now a big push to get nature into sovereign debt markets," said Simon Zadek, executive director at NatureFinance, which advises governments on debt-for-nature swaps and other types of climate-focused finance. At that level, it would be the biggest debt-for-nature swap struck to date. The combined value of swap deals to date is $3.7 billion, according to the data. Securing the buy-in of development banks is usually key for the economics of a deal. The WWF has projects in Central and South America where they are monitoring deforestation by tracking jaguars, said Brenes, who has worked on debt-for-nature swaps for the last 25 years.

☆ EU exec revises up 2022 euro zone growth forecast, sees bigger slowdown in 2023
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 11 (Reuters) - The euro zone economy will grow more than previously expected in 2022, the European Commission forecast on Friday, and decelerate more than previously thought in 2023, but the slowdown will only slightly affect euro zone jobs or public finances. The Commission forecast the euro zone economy would grow 3.2% this year, more than the 2.7% predicted in July, but then slow down sharply to 0.3% growth next year, well below the July forecast of 1.4%, before rebounding 1.5% in 2024. Also the aggregated budget deficit of the euro zone will hardly increase, inching up to 3.7% of GDP in 2023 from 3.5% seen this year and then declining again to 3.3% in 2024. Public debt is to continue falling to reach 92.3% of GDP next year from 93.6% this year and reach 91.4% in 2024. Inflation, while still high, will also decelerate to 6.1% in the euro zone in 2023 from 8.5% this year and slow down further to 2.6% in 2024, the Commission said.

☆ Mexico president confirms nomination of cenbanker Esquivel for IDB chief
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 10 (Reuters) - Mexican President Andres Manuel Lopez Obrador confirmed on Thursday the nomination of Bank of Mexico Deputy Governor Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), Latin America's main lending arm. "I promise to do my best in the process of running for the appointment," Esquivel said in a series of tweets on Thursday evening. Esquivel's term at the Bank of Mexico is currently set to end in December, though he could be asked to stay on. The former chief of the IDB, Mauricio Claver-Carone, was sacked in September after an investigation found he had had an intimate relationship with a subordinate. Reporting by Mexico City Newsroom; Additional reporting by Kylie Madry; editing by Cassandra Garrison and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil to nominate ex-central bank governor Goldfajn to run the Inter-American Development Bank
▼ + stars: | 2022-10-16 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, Oct 16 (Reuters) - Brazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution. The development bank will elect its next president on Nov. 20 after the ouster of Mauricio Claver-Carone in an ethics scandal. Currently head of the International Monetary Fund's Western Hemisphere department, Goldfajn led Brazil’s central bank under former President Michel Temer, before handing the reins to current chief Roberto Campos Neto in February 2019. Under Goldfajn’s tenure, the central bank began developing its Pix instant payment platform, which was launched under Campos Neto. After leaving the central bank, Goldfajn chaired the board of Credit Suisse in Brazil before joining the IMF.

The EU issues joint bonds for an up-to 800 billion euro ($879 bln) post-COVID recovery fund, on top of 92 billion euros sold for its SURE unemployment scheme. 3/ How would joint issuance be funded? EU officials calling for joint borrowing said it could resemble the SURE work programme. Since October 2020, the EU has raised just 260 billion euros for the recovery fund and SURE. That means recovery fund issuance may end up lower than 800 billion euros without changes to that programme, denting the EU's ambitions of becoming a top borrower.

☆ EU eyes multi-year fiscal plans that include investment, reform -Gentiloni
▼ + stars: | 2022-10-10 | by ( Jan Strupczewski | ) www.reuters.com time to read: +2 min

Oct 10 (Reuters) - The ongoing reform of EU fiscal rules could give governments more leeway in plans that combine debt cuts with investment and reforms, in exchange for greater accountability, the EU's Economic Commissioner Paolo Gentiloni said on Monday. Speaking to an insurance conference in Rome, Gentiloni said the European Commission would present proposals on how to reform the rules, called the Stability and Growth Pact, in October. Gentiloni said the medium-term plans could include pledges of investment and reform that are in line with the EU's and national goals, like in the plans each government had to prepare to get money from the EU post-pandemic recovery fund. "Reform and investment commitments could allow for a longer fiscal adjustment period," Gentiloni said, but added that in exchange for the bigger flexibility, governments would then be held accountable for the results. "A greater ex ante national ownership of the design of fiscal trajectories could be balanced by a stronger ex post enforcement at EU level," he said.

☆ Advertising for Latin American brands are pursuing more diversity in campaigns
▼ + stars: | 2021-05-14 | by ( Insider Intelligence | Matteo Ceurvels | ) www.businessinsider.com time to read: +6 min

Many consumers in Latin America are no longer content to let brands sit on the sidelines of tough conversations. The following is a preview of one Media, Advertising, and Marketing report, the Analyst Take: How Brands in Latin America Are Addressing Diversity and Representation in Advertising. Latin America is a region of many paradoxes. Latin America companies promoting diversityLatin American ecommerce giant Mercado Libre is one example of a regional company that has embraced diversity in its marketing materials. The campaign also partnered with Young, Gifted, and Black (YGB), an image bank that offers photos taken by Black women, of Black women.

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